Pensam Residential recently acquired Parallax at Georgetown, a 288-unit multifamily property in Georgetown (Austin), Texas.
With an emphasis on architectural preservation, acclaimed cultural events and strong economic growth, the City of Georgetown has proven to be a charming and attractive pocket of the Austin metropolitan area. Additionally, the City of Georgetown is located only 27 miles north of Austin. The City of Austin has remained a national leader for population and economic growth over the current cycle, with a large proportion of new jobs coming online from higher-paying industries, which are attractive to well-educated millennials. Given its tremendous expansion into the tech sector, Austin is one of the foremost corporate and regional headquarter locations in the country, garnering the nickname the “Silicon Hills”.
Pensam has outlined a comprehensive renovation program that will improve units with higher-end designer finishes including: quartz countertops, stainless steel appliances, upgraded fixtures, and smart tech packages. Pensam will also perform exterior improvements to further enhance the market position of the property.
“Parallax at Georgetown is a strong addition to our growing Austin portfolio,” said Michael Stein, Founding Partner of Pensam Residential. “We anticipate the Austin MSA will continue to be a strong market due to its rapidly-expanding economy and higher education presence. Parallax at Georgetown is a unique property that provides its residents an attractive place to live while still close to Downtown Austin.”